CCCS seeks public feedback on proposed takeover of Seaco by Stonepeak-linked company

[SINGAPORE] The Competition and Consumer Commission of Singapore (CCCS) is seeking public feedback on the proposed acquisition of Global Sea Containers (Seaco) by special purpose vehicle Typewriter Ascend.

On Wednesday (Jul 16), the competition watchdog said it accepted a joint application from the companies for a decision on whether the proposed transaction would be anti-competitive.

Seaco is an international container leasing and sales company that is active globally and in Singapore. It specialises in intermodal containers for various industries.

Typewriter Ascend is a special purpose vehicle indirectly and solely controlled by investment funds that are managed and/or controlled by Stonepeak, a New York-headquartered global alternative investment company specialising in infrastructure and real assets.

Stonepeak operates in the intermodal container sales and leasing market via Textainer Group, which offers these services to customers across the globe, including in Singapore.

In the application, the companies said they overlap in the sale and leasing of intermodal containers – including dry box containers, refrigerated shipping containers and dry freight special containers.

Both Seaco and Typewriter Ascend said there are no supply relationships between them.

CCCS is inviting public feedback from 5 pm on Wednesday until Jul 30, 5pm. More information on the consultation can be found on its website.